Just as most experts had predicted, the return of sports in the month of July has sparked huge increases in sports betting handles across the country.
West Virginia is the latest to publish its numbers and cashing in thanks to the 10% tax on betting revenue. Since the return of pro sports in July, the numbers have consistently grown each week, which is a great sign for the industry and the state moving forward.
July Delivers in Terms of Revenue
There is no question that July has delivered in terms of the sports betting revenue, and as the sports continued to come back with more and more games being offered, the betting handle also increased. It’s clear that bettors were feeling excited over pro sports returning and eager to place wagers.
Now that the West Virginia Lottery has released its official numbers, they have revealed that the real winner was mobile sports betting as this is where the vast majority of bets were placed in the month of July.
By the second week of the month, mobile sports wagers were more than double the amount of the previous week. The second week total sports betting handle was $2.6 million, with $2 million of that being attributed to mobile sports betting.
Of the $15.8 million total sports betting handle for July, the state’s share in tax revenue accounted for roughly $133,777 dollars. During these trying financial times for states, tax revenue from sports betting has been a much needed help for West Virginia.
In terms of what people were betting on in July that fluctuated throughout the month. At the beginning of July, there wasn’t a lot to choose from besides NASCAR and UFC events. That all changed in the second week when MLB returned to action and drew solid numbers with West Virginia bettors.
What Does This Say About August?
While that’s all good news for July, industry analysts are now looking at August for signs of the same growth and excitement. Early reports show that interest hasn’t waned. With the return of the NBA, wagers have continued to follow similar betting trends.
If the growth continues, West Virginia will be on track to bring in millions of dollars in the form of tax revenue each year. This will prove to be a lucrative stream of cash, which was one of the main advantages of legalizing sports betting in the first place.
The NFL Could Be the Next Big Wild Card
Looking forward to the fall, the NFL will most likely be the next big wild card for the state. Provided it starts on time, pro football could prompt an even bigger increase in wagers and total handle. The NFL is the most popular sport to bet on and state leaders are optimistic for even greater industry success.
Rick Rockwell
As a longtime freelance writer, avid sports fan, former athlete, and experienced sports bettor, Rick Rockwell has risen up the ranks at GamblingSites.org to become the self-professed “King of the Blog” in his first year with the site. …
